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New Entrepreneurs Are Older People

This is what stands out From the study of Judith Davy, from the University of Wellington in New Zealand, which is published on the website Conversation, An independent medium that presents articles written by university researchers.

different motives

What motivates seniors to get into business when they reach retirement age? To answer this question, New Zealand researchers interviewed entrepreneurs aged 50 or older to find out what motivated them to start a business. Thus they identified five main drivers:

  • Take a job

This is the most important group. Some created their own jobs while others decided to seize the opportunity that presented itself their way in different ways. These opportunities are often related to their career.

  • Want to make a difference

These entrepreneurs are distinguished by their desire to influence and contribute to society. They are often driven by the desire to help others, save the planet, or contribute to the greater good. Among this group was a highly experienced nurse who wanted to offer self-help workshops for women and an engineer who was interested in developing green energy technologies.

Looks like it’s never too late to change jobs. Among the new entrepreneurs, some wanted a change in their work. By starting a business, they have given themselves the opportunity to use their skills and experience in new areas.

Faced with unsatisfactory professional situations (feeling of spinning in circles, overly demanding boss, health problems, etc.), entrepreneurs have taken the path of starting a business. Becoming a boss has allowed them to have new perspectives despite the difficulties inherent in starting a business.

  • Entrepreneurship Investment
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This is the smallest group of entrepreneurs interviewed. They have relied on their knowledge and skills to start a business. But they did not do it blindly. Unlike entrepreneurs, they carry out a thorough risk analysis and receive professional advice before starting their business.

Many advantages

The entrepreneurial trend of the 1950s has many social and economic benefits. Staying active and doing meaningful work enhances people’s well-being as well as providing a sense of self-worth and accomplishment.

On the other hand, society benefits from the skills and experience of older people as entrepreneurs and mentors, which helps curb anti-aging discrimination. Not to mention their economic contribution related to their business growth and job creation. For the government, this represents an increase in tax revenue and a reduction in the benefits available to seniors, which helps offset the costs of an aging population.

“As a society, we need to encourage and support this trend of business creation by an increasing number of older adults, as we live longer and healthier lives,” conclude Judith Davey and colleagues. – Author, Geoff Berman, Massey University, New Zealand.

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